Agenda 30 mins Discussion and Feedback 30 mins Concepts from Six Sigma- Koushik 30 mins Radio Marketing:- Angad Menon 30 mins Lessons from “Buyology”-Manjit
The Truth and lies about what we buy. - Buyology By Martin Lindstrom
Buyology describes the result of marketing guru Martin Lindstrom’s pioneering three year, $7 million dollar study.
1) Half of advertising budget is wasted. Trouble is don’t know which half?—John Wanamaker
2) What drives consumers to make the choices they do?
3)What causes us to choose one brand over other?
4)What are shoppers really thinking?
5)Why in US every 8 out of 10 products fail and 9.7 out of 10 fails in Japan?
4) Does advertising really influence our behavior?
Based on the largest neuromarketingstudy ever conducted, Buyology reveals how marketers and advertisers truly capture our attention, our loyalty, and our money.
$7 million dollar study that used the latest in brain scan technology to peer into the minds of over 2,000 people from around the world.
CHAPTER 1: A rush of blood to the head
Chapter 2: This Must Be the Place Brand Recall:- 1)1965 a typical customer has 34 percent brand recall.-------- 1990 it has fallen to 8 percent -- 2007 it is only 2.2%------------------ According to AC Neilson Study 2)Presence of tools like TiVo which can enable us to view serials and movies without advertisements .
In Short we don’t have any memory of brands that don’t play an integral part in the story line of program.
Chapter 3: I’ll Have What She’s Having
Why any one will buy this?
> Concept of Mirror Neurons >Concept of Dopamine
Dopamine Mirror Neurons Brodmann area 10
Chapter 4 –I can’t see clearly now
Concept of Subliminal Advertising:-
BUREAUC RATS Nucleus Accumbens
Chapter 5 –Do you believe in magic?
Rituals,Superstition and Why we buy?
8/08/08 at 8:08:08PM
Chapter 6 –I say a little prayer
Faith,Religion and Brands
Irish Soil Holy Drinking Water
60 percent of the products we buy in the supermarket we choose spontaneously, and that 80 percent of these we picked within just four seconds?
Choice between Dunlop,Bridgestone and Good Year.
Chapter 7 –Why did I choose you? The Power of Somatic Markers
ISKLIDE and Coke
Chapter-8 A sense of wonder
Selling to our Senses
Today we are more visually over stimulated than ever before and studies show that more over stimulated we are the harder is to capture our attention .
2)Johnson and Johnson
Chapter 9-And the Answer is……..
Neuromarketing and Predicting the future
1)Traditional market research.
2)Failure of Ford
3)Failure of “Premier”
Chapter-10-Let’s spend the night together.
Sex in advertising
1)Became Prominent with Calvein Klein (1980’s)- Can’t show Pics
2)Experiment of Sex and the City and Malcolm in the middle
3)9.8%vs 20% for men and 10.85% vs 23% for Women
Conclusion:-“Sex doesn't sell anything other than itself”
Brand New day
Buyology bears witness to an historic meeting between science and marketing .
Its is still in its infancy.
Christian dior,Unilever,Microsoft and many other companies have started using it